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article imageFemale students twice as likely to end up in debt from stress

By James Walker     Jul 13, 2014 in Lifestyle
New research has shown that female students are twice as likely to end up in debt at university as their male counterparts owing to poor personal finance skills and the large amounts of stress placed on them.
The UK Insolvency Service found in a study that women aged 18-24 are twice as likely to end up in debt as men of the same age. 7.7 of the 10,000 women surveyed declared themselves already financially insolvent, compared with four men.
Louise Brittain, council member the insolvency trade body R3, cites increased pressure on young girls in modern society to perform well due to how their social visibility is increased through popular services like Facebook. She says “I think there’s more pressure on young girls these days. Everybody’s lives are lived more publicly, with Facebook and Twitter. Your photo is everywhere – so everyone wants to look fabulous. It’s celebrity status as well. There are added pressures to look fantastic and be thin.”
Of course, it isn't just social pressures that result in students finding themselves losing track of their finances. The generally hectic university campus life helps contribute to it, with students having to make money last to cover all possible expenses from basic living costs such as food to their few luxuries like evenings out.
The general stress of getting assignments completed on time also comes into play, with McGill's University in Canada, who has seen a sudden surge in visitors to the on-site mental health treatment facility to other 20,000 a year as students struggle to write reports and essays. Increasingly, they turn to online professional-composition services like Essay Planet who can write essays to order in as little as 6 hours but that then costs more money that, in many cases, the students simply don't have.
The study's report highlights how many think that young people should be given more good financial advice on managing money from as early as high school so that they do not end up in the frightening, confusing circumstances many do today, unable to meet deadlines and struggling to adequately provide for themselves owing to an unordered, uneducated method of spending.
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